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Nobel for anti-poverty pioneers Nobel for anti-poverty pioneers
(30 minutes later)
Bangladesh's Muhammad Yunus and the Grameen Bank have been awarded the 2006 Nobel Peace Prize.Bangladesh's Muhammad Yunus and the Grameen Bank have been awarded the 2006 Nobel Peace Prize.
Mr Yunus, an economist, founded the bank, which is one of the pioneers of micro-credit lending schemes for the poor in Bangladesh.Mr Yunus, an economist, founded the bank, which is one of the pioneers of micro-credit lending schemes for the poor in Bangladesh.
The bank is renowned for lending money to the least well-off, especially women, so that they can launch their own businesses.The bank is renowned for lending money to the least well-off, especially women, so that they can launch their own businesses.
The winners receive a prize of 10m Swedish kronor ($1.07m, £730,000).The winners receive a prize of 10m Swedish kronor ($1.07m, £730,000).
Mr Yunus, 66, told Norway's NRK public television that he was "delighted, really delighted", AFP news agency reported. Mr Yunus, 66, told the BBC Bengali service he was delighted at the news.
"You are endorsing a dream to achieve a poverty-free world," he said. "I'm very very happy. It's a great honour for us and for Bangladesh. It's a recognition of our work.
"As a Bangladeshi, I'm proud that we have given something to the world. Our work has now been recognised by the whole world. "
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The winners were revealed by the Nobel committee chairman, Ole Danbolt Mjoes, in Oslo.The winners were revealed by the Nobel committee chairman, Ole Danbolt Mjoes, in Oslo.
MUHAMMAD YUNUS Bangladeshi economistFounded concept of micro-creditStarted Grameen Bank in 1976 Text: Peace prize citation Mr Mjoes said Mr Yunus had shown himself to be a leader who had managed to translate visions into practical action for the benefit of millions of people. MUHAMMAD YUNUS Bangladeshi economistFounded concept of micro-creditStarted Grameen Bank in 1976 href="/1/hi/world/south_asia/6047234.stm" class="">Profile: Muhammad Yunus href="/1/hi/world/europe/6047286.stm" class="">Text: Peace prize citation Mr Mjoes said Mr Yunus had shown himself to be a leader who had managed to translate visions into practical action for the benefit of millions of people.
He and the bank were being honoured "for their efforts to create economic and social development from below", Mr Mjoes said.He and the bank were being honoured "for their efforts to create economic and social development from below", Mr Mjoes said.
He said the bank's work in creating opportunities for large numbers of people to get out of poverty created the conditions for sustainable peace.He said the bank's work in creating opportunities for large numbers of people to get out of poverty created the conditions for sustainable peace.
"Development such as this is useful in human rights and democracy." "Development such as this is useful in human rights and democracy," said Mr Mjoes.
The BBC's world affairs correspondent Mike Wooldridge says the winners were a complete surprise, as recent Nobel Peace Prize winners have been. The BBC's Lars Bevanger in Oslo says this year's winner caught most there by surprise.
He says Mr Yunus is seen as someone who has done a great deal in Bangladesh and whose work is a model for other countries to tackle poverty. Many commentators had expected an award to someone involved in peace talks.
Mr Yunus told the BBC he would use the prize money to find more innovative ways of getting poor people into business. He says in awarding this prize to an economist, the Nobel Committee has again shown itself willing to widen the scope of the prestigious prize.
He is expected to pick up the award and prize money during a ceremony in Oslo in December. Mr Yusuf set up the bank in 1976 with just $27 from his own pocket. Thirty years on, the bank has 6.6 million borrowers, of which 97% are women, according to the Grameen website.
Mr Yusuf is expected to pick up the award and prize money during a ceremony in Oslo in December.